How Australia’s 2nd largest industry fund is recruiting advisers
Australia’s second largest industry superannuation fund, the Australian Retirement Trust (ART) is looking to grow its book of third party financial advisers placing it in competition with the major platforms.
The fund, created out of the merger of Sunsuper and QSuper has been advertising for personnel to help it execute a retail distribution strategy which it says will place ART “as a trusted partner in the provision of quality financial advice therefore growing our panel of third party financial advisers”.
ART head of advice, Anne Fuchs has confirmed to Financial Newswire that the new mega-fund was pursuing an open architecture model involving both in-house advisers and third-party advisers.
She said that the open architecture model meant that members of the fund could access in-house advisers or bring external advisers into the mix.
As well, the fund would be looking to deliver a digital advice offering beyond that which was already on offer to QSuper members.
The merged fund has carried forward many of the elements of the Sunsuper financial planning regime including intrafund advice and the so-called Suntracker program which offers members an advice pathway through to retirement.
The Suntracker program starts with initial telephone advice before moving further into personal financial planning.
ARF already provides a financial adviser registration facility on its web site arguing that it is easier for advisers to interact with clients who hold an account in the Super Savings product offering once the advisers register with the ART.
Fuchs said the fund would be launching its brand to financial advisers over coming months and making clear its investment capabilities in the context of those offered by AMP’s North platform or those on offer from Colonial First State (CFS).
She said that ART had around 60 intrafund advisers with about 4,500 external advisers also accessible to members.
According to WealthData principal, Colin Williams ART is one of the larger providers of financial advice among the industry funds alongside Aware Financial Services, Industry Fund Services and Unisuper.
I would use the fund but they turn off any ongoing fee immediately at the expiry of 12 months, meaning if you see the client on the 23rd of March 2022 and then they resign on say the 15th of March 2023 and you’re a few days late or the fee consent is submitted on the 23rd or 24th your income for the month is impacted. If you did it in bulk you wouldn’t be able to pay wages. I’m impacted by the flooding and it’s a classic example as to why we do have some time under the legislation. What’s needed is consistency between super funds.